Singapore-listed Olam International has been given the green light in its bid for a full takeover of NZ Farming Systems Uruguay.This morning the company announced the Overseas Investment Office had granted consent for its offer of shares in NZFSU that it
Singapore-listed Olam International has been given the green light in its bid for a full takeover of NZ Farming Systems Uruguay.
This morning the company announced the Overseas Investment Office had granted consent for its offer of shares in NZFSU that it does not already own.
In July Olam announced an offer 55c a share which this week was increased to 70c following an indication from rival bidder Union Agriculture Group that it would pay 60c a share.
Olam has an agreement to buy PGG Wrightson’s stake in the company, provided it manages to collect at least a half stake in the company.
With that acceptance and another this week with ACC agreeing to sell it’s 7.03% stake in the company, Olam will have 37.02% of the company.
Olam advised for it to declare its offer unconditional, it needs to receive further acceptances of at least 13% more in the company.
